The Federation Accounts Allocation Committee (FAAC), at its meeting through Virtual Conference shared a total sum of ₦725.5 billion to the 3 tiers of government, as federation allocation for the month of March, 2022.
From the amount, inclusive of Gross Statutory Revenue and Value Added Tax (VAT), the Federal Government received ₦277.1 billion, the States received ₦227.201 billion; the Local Government Councils got ₦167.9 billion, while the Oil producing states received ₦53.3 billion as derivation revenue.
The communiqué, indicated that the Gross Revenue available from the Value Added Tax (VAT) for March, 2022 was ₦204.4 billion, out of which the Federal Government got ₦30.6 billion, the States received ₦102.2 billion and Local Government Councils got ₦71.5 billion.
The balance in the Excess Crude Account as at April 27, 2022 stands at $35.37 million.
RN